Mike Ashley has added to the list of retailers he has invested in and swooped on a 25.75% stake in struggling retailer Game.
Ashley has acquired 44 million shares in the beleaguered retailer, which issued a profit warning last month.
The notorious retail entrepreneur, who already has stakes in retailers including Debenhams, French Connection and Findel, has previously spoken of his ambitions to build ‘the Selfridges of sport retailing’.
It is understood that Ashley acquired the stake from several City institutions, including Invesco.
Game’s majority stakeholder Elliott Advisors owns 40% of the business and engineered its stock market listing in 2014.
A statement from the retailer said: “Game is aware that Sports Direct has taken significant strategic equity stakes in a number of retail and brand businesses across both the UK and USA, and is a leading retailer which partners with major global brands and suppliers.
“Game is pleased that the strategic value of the group has been recognised by Sports Direct through this acquisition of a 25.75% stake.
“The group looks forward to working collaboratively with Sports Direct to explore the clear opportunities that a constructive partnership and collaboration can deliver for all stakeholders in the gaming, live events and rapidly growing e-sports markets in which it operates.”